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Onramp Money and Metamask offer crypto purchases in UAE currency

Onramp Money and Metamask offer crypto purchases in UAE currency

In a recent X statement, Onramp Money a provider of fiat-to-crypto onramp solutions, offering a seamless and secure way for users to trade cryptocurrencies using their fiat currencies, and self-custodial crypto wallet Metamask announced that users in the UAE can buy 300 + digital assets using the AED currency directly through Metamask.

As stated, “Breakthrough in the UAE, Now users I the UAE can buy 300+ digital assets with AED directly within metamask using OnRamp Money.”

his integration allows MetaMask users in the UAE to buy over 300 digital assets with Emirati Dirham (AED) directly through the MetaMask mobile app and Portfolio Dapp, facilitated by instant bank transfers.

As per a blog post, Onramp Money’s integration provides a seamless, fast, and secure method to access web3 and acquire tokens conveniently, without the need to navigate the complexities of centralised crypto exchanges.

The Blog post adds, “The integration with Onramp Money in MetaMask to support Emirati Dirham (AED) is a pivotal development for the cryptocurrency industry in the UAE, especially in Dubai. It signifies a major leap in making digital asset transactions more accessible, efficient, and integrated into everyday financial activities.”

This is not the first announcement that Metamask makes in an Arab country. In December 2023, MetaMask self-custody crypto wallet announced that it had partnered with several entities across the globe including Egyptian payment provider Vodafone Cash to offer new ways to onboard crypto around the world.

Metamask has currently 30 million users.

Conflux Network in UAE with RAK DAO digital assets Oasis

Conflux Network in UAE with RAK DAO digital assets Oasis

Conflux Blockchain, a Layer 1 Blockchain, enters the UAE and partners with UAE’s RAK Digital Assets Oasis (RAKDAO) to develop the Blockchain and digital asset sector.

Conflux’s collaboration with RAK DAO represents a mutual commitment to leverage the strengths and expertise of both partners. This partnership is founded on shared goals and visions, including advocating for blockchain-friendly regulations to foster an environment instrumental to blockchain and digital asset development in the region.

Additionally, the collaboration will cultivate talent and provide valuable educational resources, nurturing a skilled workforce in the blockchain sector. Furthermore, we will facilitate opportunities for businesses and startups in the region to explore and integrate blockchain technologies, thereby amplifying prospects in the digital economy.

Both Conflux and RAK DAO will explore avenues of cooperation in sharing expertise and knowledge to achieve mutual benefits and foster collaboration  as well as incubation and acceleration programs, educational initiatives, and community-building events and workshops in blockchain technologies/

RAK DAO will help Conflux establish a presence in the UAE and the broader Middle East region, while Conflux will develop custom blockchain solutions for digital and virtual asset companies within RAK DAO.

RAK DAO, a strategic initiative by the Government of Ras Al Khaimah, is dedicated to fostering the growth of digital assets and blockchain technology within the region. With its progressive policies and supportive ecosystem, RAK DAO is rapidly becoming a hub for digital innovation and entrepreneurship.

This announcement comes shortly after the visit of Vitalik Buterin to RAK DAO Oasis.

Nakamoto enters Saudi Arabia to drive Web3 Blockchain gaming

Nakamoto enters Saudi Arabia to drive Web3 Blockchain gaming

Thailand based, Nakamoto Games is entering the Saudi Arabian market through four key partnerships that will include the launching of tournaments, hackathons, educational content in a drive to increase adoption o Web3 Blockchain gaming. Nakamoto will be collaborating with Arabian Gaming Guild.

According to the press release, this initiative marks an important step for the play-to-earn arcade gaming platform as it enters the Middle East’s largest market.

Nakamoto and Arabian Gaming Guild will bring a series of GameFi tournaments to Saudi Arabia, anticipated to be some of the most substantial play-to-earn events in the region. This effort is expected to drive further adoption of Web3 gaming among local players.

Education plays a critical role in Nakamoto Games’ strategy, with a partnership with Yalgamers designed to inform the local population about blockchain gaming benefits. This includes campaigns on crypto, GameFi, and play-to-earn mechanisms, with support from the Arabian Gaming Guild for streaming and onboarding.

Local offline gaming events are also on the agenda, facilitated by Nakamoto Games’ partnership with GamifierSA. These tournaments, hosted in top gaming stadiums across the region, aim to draw large audiences and feature well-known Saudi players on the blockchain gaming platform.

In addition, there are plans for a series of hackathons focused on blockchain game development is planned in collaboration with HackathonX. These events, expected to be the largest in the region, will be supported by notable Saudi media and the government, with the goal of introducing new games to the Nakamoto Games platform through these Web3-centric hackathons.

Sastanaqqam a blockchain Web3 company moves headquarters to UAE

Sastanaqqam a blockchain Web3 company moves headquarters to UAE

Blockchain and Web3 Company, Sastanaqqam, has relocated its headquarters to Dubai UAE. It will be present at the One Central district in Dubai at the end of March.

One Central has become a pivotal hub for cryptocurrency enterprises, known for its state-of-the-art facility and a business-friendly regulatory environment. This district houses notable crypto entities like Bybit’s global headquarters and the, a hub for cryptographic and blockchain technologies.

Sastanaqqam’s relocation to One Central reflects its alignment with Dubai’s vision as a leader in technological advancement and financial innovation. “Our move to One Central isn’t just a relocation; it’s a strategic decision to integrate with a community at the forefront of blockchain and digital currencies,” said Azzi Mohamed Mbarek, COO of Sastanaqqam.

The decision to establish a base in One Central, alongside pioneering crypto platforms such as Deribit, underscores Sastanaqqam’s ambion to be at the forefront of the crypto revolution. Dubai’s One Central offers an environment ripe for collaboration, innovation, and growth, making it an ideal location for Sastanaqqam’s expansion.

In anticipation of this significant move, Sastanaqqam is ramping up its recruitment efforts, aiming to attract top talent in blockchain and fintech. The new office in One Central will be equipped with the latest technology and designed to foster innovation and collaboration.

Local businesses and the community in One Central are excited about Sastanaqqam’s arrival. “Sastanaqqam’s addion to One Central is not just a boost to our local economy; it also reinforces our status as a leading tech and financial hub,” shared One central business development team.

Established in 2021, Sastanaqqam is a company specializing in blockchain and Web 3.0 technologies, with a focus on integrating art, gaming, and DeFi to create a comprehensive digital ecosystem.

Aquanow receives crypto broker license from VARA in Dubai

Aquanow receives crypto broker license from VARA in Dubai

Canadian based Aquanow ME FZE local UAE entity, a digital assets liquidity infrastructure provider, has received a full virtual asset service provider license from Dubai Virtual asset regulatory Authority (VARA).

The license which is currently pending, will allow Aquanow to offer crypto broker dealer services as well as investment services. Aquanow will also be able to offer crypto lending and borrowing services.

Aquanow has been operating crypto infrastructure at scale since 2018.

In January 2023, Aquanow and Gate.io, a global cryptocurrency exchange with over $6B in daily volume, entered into a partnership to build global liquidity for the next wave of blockchain projects.

In June 2023 Aquanow, announced that it had received initial approval from Dubai’s Virtual Asset Regulatory Authority (VARA), while it undertakes the in-depth process of applying for a license in accordance with VARA requirements.

Aquanow is a global leader in digital assets infrastructure and is a facilitator for cryptocurrency trading in over 50 countries. Aquanow ranked amongst the fastest growing companies with a four-year revenue growth rate of 1,842%, according to the Deloitte Technology Fast 500 list.

“Dubai’s D33 vision of emerging as a top global financial center and major hub of innovation, testing, and commercialization of new technologies was a key factor in making the Emirate the centerpiece in our international growth efforts,” said Phil Sham, Aquanow Co-Founder and CEO. “We look forward to enabling a range of crypto use cases, and contributing to the region’s efforts that are leading the virtual assets industry in balancing consumer protections with world-changing technology.”

With this VARA has awarded OKx, CoinMENA and several other crypto exchanges and brokers in the UAE licenses to start their operations in a regulated manner.

Article updated with quote at 7:50 UAE time.

DMCC Crypto Center and QX Lab to launch AI Center

DMCC Crypto Center and QX Lab to launch AI Center

UAE based DMCC ( Dubai Multi Commodities Center) has partnered with the Dubai-based artificial intelligence firm Qx Lab AI as it gears up to launch the DMCC AI Center later this year.

Through its ‘Ask Qx’ platform, Qx Lab AI offers generative AI capabilities that can be integrated into services such as online chat functions or used by businesses and individuals to enhance productivity.

Ask QX’s unique neural architecture offers unprecedented scalability for the product, providing a digital infrastructure that can benefit firms by reducing overall computational power costs, building up platform security, and creating a protective shield against potential data breaches.

With this groundbreaking technology, QX Lab AI aims to become the first AGI company in the world to access and leverage 372 billion parameters.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC said: “In a short space of time AI has emerged as the single biggest force reshaping the way we do business – and we have barely scratched the surface of its potential. As we prepare for the imminent launch of DMCC’s AI Center, I am delighted to be partnering with Qx Lab AI whose unique generative AI platform and revolutionary neural architecture will provide DMCC and its members with unprecedented opportunities to enhance efficiency, productivity, and platform security at scale. This is just one example of the innovations we are pioneering from DMCC, reinforcing Dubai’s status as one of the world’s leading technology and AI hubs for years to come.”

Tilakraj Parmar, Co-Founder and CEO, QX Lab AI, added: “The significant amount of money invested globally in AI research and deployment is just the start of a seismic shift in the way we all operate – both professionally and personally. We are glad to bring our AI capabilities to DMCC and its 24,000 member companies as we position Dubai at the forefront of AI research and deployment.”

Today the DMCC Crypto Centre is home to over 600 Web3 firms, making it the largest concentration of crypto and blockchain companies in the region. Since its launch in 2023, the DMCC Gaming Centre has welcomed over 100 gaming companies, from developers and publishers to esports teams and software engineers, positioning Dubai as a hub for the immersive form of entertainment.

In 2023 DMCC Crypto Center had announced it had 500 crypto and blockchain companies in the center. Since then DMCC crypto center has signed partnership agreements with Solana and others.

Sui Blockchain establishes academy at American University of Sharjah

Sui Blockchain establishes academy at American University of Sharjah

Sui, a Blockchain Layer 1 platform has partnered with UAE American University of Sharjah (AUS) to establish the AUS-Sui Blockchain Academy, a blockchain academy creating opportunities for hundreds of aspiring developers to learn about and ultimately advance the state of the art of the technology.

The agreed upon AUS-Sui Blockchain Academy will operate under the auspices of the multidisciplinary Center of Entrepreneurship, Innovation and Sustainable Development. This placement strategically aligns with entrepreneurship, innovation, and sustainability, underscoring the Academy’s dedication to responsible and impactful technological development. 

The initiative is part of the Emirate of Sharjah’s objective of positioning itself as a regional hub for education and research, particularly in the field of technology and blockchain.

“The establishment of the AUS-Sui Blockchain Academy will provide students with invaluable insights into contemporary and future-oriented topics,” said Dr. Tod Laursen, Chancellor of American University of Sharjah. “It will empower them to engage with trending subjects and essential future technologies, equipping them with the skills and knowledge necessary to thrive in the evolving landscape of tomorrow.”

The Sui Foundation has also previously instituted several educational initiatives such as the establishment of a Web3-focused program at the Wheeler Institute for Business and Development at London Business School, the distribution of $400,000 in Sui Academic Research Awards (SARAs) to fifteen universities worldwide, and the establishment of a groundbreaking new web3 curriculum for high school students which debuted in 2023 at the Costeas Geitonas High School in Greece.

“The establishment of the AUS-Sui Blockchain Academy will provide the next generation of builders and world leaders with the knowledge they will need to create web3 technology that can address global challenges,” said Dr. Siourounis. “Seeing this academy come to life makes me particularly proud given the crucial role that this region is set to play in technological innovation.”

Sui established the current partnership with aid from its strategic partner in the region, Ghaf Labs, whose founder and managing partner, Feras Al Sadek, added, “We are extremely pleased to play a part in creating this historic initiative. The AUS-Sui Blockchain Academy will pave the way for future generations to enrich and benefit this industry and the region.”

Commercial Bank International enters the world of digital asset payments

Commercial Bank International enters the world of digital asset payments

UAE based Commercial Bank International PJSC (‘CBI’), a corporate and retail bank headquartered in Dubai, and Fuze, MENA’s digital asset infrastructure provider, signed a Memorandum of Understanding that will allow both parties to jointly explore digital assets use cases under the comprehensive regulatory frameworks of the UAE.

The agreement between CBI and Fuze provides the foundations for innovative new use cases that leverage the potential of blockchain and digital assets, including investments and payments. Leveraging CBI’s extensive and robust track record in business and personal finance, with Fuze’s cutting-edge digital assets infrastructure and expertise, the two parties will collaborate to develop a suite of digital asset and blockchain products.

Driving this agreement is an underlying demand from customers for safe and regulated digital assets platforms. The collaboration emphasises responsible innovation and as a regulated business, Fuze is committed to structuring compliant products that foster trust and confidence in the UAE’s digital asset ecosystem.

On the occasion of the MoU signing, Giovanni Everduin, Chief Strategy & Innovation Officer of Commercial Bank International (CBI) stated, “Pooling the knowledge, expertise and resources of CBI and Fuze will help us explore a range of innovative new digital assets use cases for business and personal finance. This agreement will bring our customers closer to the many opportunities of digital assets, within a safe and regulated environment, in line with the UAE’s world-class virtual assets regulations. The signing of this MoU marks CBI’s commitment to furthering innovation and aligns perfectly with the UAE Government’s prioritisation of innovation as a pivotal force for driving positive change and economic development”.

Mohammed Ali Yusuf (Mo Ali Yusuf), CEO and Co-Founder of Fuze, added, “We’re thrilled to support CBI in connecting customers with future-facing financial products through the power of blockchain infrastructure. Collaborating with CBI marks a significant milestone for digital assets in the UAE. We look forward to supporting the Bank in providing greater financial accessibility and empowerment for their customers through powerful digital assets and cryptocurrency use cases”.

In December 2023, Fuze which had recently received a license from Dubai’s regulator, signed a similar MOU with UAE Fardan Exchange to allow the exchange to offer digital asset products such as buying, selling and transfer.

cryptocurrency regulation could be out in months in Saudi Arabia

cryptocurrency regulation could be out in months in Saudi Arabia

According to a recent interview by Zawya, with, Bandar AlTunisi, Head of Development at Binance in Saudi Arabia, high level digital currency regulation could come out in Saudi Arabia tomorrow or in a month’s time.

He states, “With discussions on cryptocurrency ongoing at several Saudi government bodies, Saudi Arabia, is looking forward to possible “high-level” regulation for digital currencies in the country this year.”

AlTunisi said there had been growth over the past seven years.  “It could be tomorrow, it could be in a month’s time, but once they’re ready, they will move quickly, which is what excites us about the Saudi market. I am hopeful about this year, but it is dependent on a lot of different factors,” he said.

Bader Al Kalooti, Head of Binance Middle East, Africa and Southern Asia (MEASA) and Turkey, said: “It is still very early. Relatively speaking, this is a nascent industry. The way these things tend to work, you will have disruptive technology roll out, then it takes a while to demonstrate that there is a product market fit, that people want this technology, then the regulations catch up.”

Dubai and Bahrain were early movers, he said, and other markets will catch up, although it will not happen overnight.

Bodies involved in studying potential crypto regulation include the Saudi Central Bank (SAMA), the Ministry of Communications and Information Technology (MCIT), which will be involved from a blockchain point of view, and the Capital Markets Authority (CMA).

Saudi Arabia also launched the Financial Sector Development Programme in 2018, under which the development of cryptocurrency regulation could also fall.

The creation of such regulation would be followed by a period of understanding how the regulations will be applied, AlTunisi said. Saudi is a priority market for crypto in general as well as Binance, he said.

“There is no other major exchange that has boots on the ground in Saudi in the way Binance does,” he adds, “Saudi is one of those places where once they move, they move big/. We really anticipate that there is going to be movement soon, and once they do, it is going to be a huge catalyst for growth in the industry.”

LaraontheBlock spoke withNaquib Mohammed, Founder and CEO of MRHB Network, who recently started operations in KSA, explained, ” We have been in meeting with stakeholders from SAMA ( Saudi Central Bank) on a regular basis. SAMA is working on regulations, but there is nothing happening anytime this year.”

MENA is home to three of the top 30 countries receiving crypto in Chainalysis index: Turkey (12), Morocco (20), and Iran (28). However, Turkey dominates in terms of raw transaction volume, but interestingly Saudi Arabia comes in third in terms of crypto value received, with UAE coming in at number two and Turkey taking number one place.

$1 billion Web3 gaming fund in UAE with Creta and Lloyd Investment

$1 billion Web3 gaming fund in UAE with Creta and Lloyd Investment

Creta, a Web3 metaverse gaming platform, has partnered with Lloyd Investment Group, a global private investment fund headquartered in Dubai, UAE in collaboration with Thomas Vu, legendary producer of League of Legends and Emmy Awards winner for Arcane, and Sangyoun Lee, CEO of Diverse, the development company of Creta to launch a $1 billion fund.

The partnership will establish a new fund, currently valued at $1 billion, aimed at propelling the growth of the Web3 gaming industry across the MENA region.

Lloyd Investment Group, known for its focus on energy, infrastructure, technology, and real estate sectors, recognizes the potential within Creta and is committed to leading the market across the MENA region in the entertainment and gaming sector.

The newly established fund will provide grants to emerging developers, enabling them to bring their game concepts to life. It will offer creative developers and startup studios the opportunity to access funding for the development of innovative game ideas, ultimately contributing to the success of the CRETA Platform. The launch of this USD$1 billion Fund underscores the growing importance of the Web 3.0 gaming industry and its potential to shape future social interactions, leisure activities, and work dynamics on the CRETA Platform.

CRETA’s ultimate goal is to unite a coalition of top-tier developers, creators, and producers, inviting them to contribute their high-quality creations to the platform. With a cutting-edge gaming and entertainment platform, Creta aims to lead the next generation of game and metaverse content industries.

The new fund aims to expand the Creta metaverse by developing content and cultivating a pool of skilled developers.

Creta, headquartered in the UAE with additional offices in Japan and Armenia, is spearheaded by Diverse, a Korean metaverse game developer renowned for its high-performance game engines and advanced graphics technology. Leveraging Locus Chain, a robust public blockchain, Creta offers a super-sized multiverse where multiple metaverses can seamlessly merge and expand, boasting photo-realistic visual quality.

Creta is a Web3-based multiverse gaming platform headquartered in Dubai, UAE, with a team of developers, publishers, and blockchain experts who have made a name for themselves in the global gaming industry. These include Ray Nakazato, a respected producer in the Japanese and global gaming industry, Alexander Harutyunyan, former CEO of European game publisher INNOVA, and CCR’s Seokho Yoon, who developed Korea’s national game Fortress. The partnership with Okamoto, the legendary game designer behind Street Fighter 2, Resident Evil, and Monster Strike, and Thomas Vu, producer of League of Legends and Emmy Award winner for Arcane, is expected to result in a world-class lineup of Web3 game titles.